Wockhardt Denies Congress Allegations of SEBI Conflict of Interest
Mumbai-headquartered pharmaceutical and biotechnology company Wockhardt has denied allegations made by the Congress party. The company stated in a filing to the stock exchanges that these claims are baseless and misleading.
Company Statement: “It has come to our attention that there are certain allegations pertaining to payment of rent by Carol Info Services Limited and its connection with certain orders passed by SEBI in relation to the Company. In this regard, we categorically deny these allegations and state that these allegations are completely baseless and misleading,” the filing read.
Wockhardt emphasized that it has always acted in compliance with all applicable laws.
Congress Party’s Allegations
Senior Congress leader Pawan Khera alleged that SEBI Chairperson Madhabi Puri Buch received Rs 2.16 crore as rental income from her property given to Carol Info Services Limited, which has the same promoters as Wockhardt. He suggested this could indicate a conflict of interest, as SEBI is investigating Wockhardt for insider trading.
Doubts Revealed
Wockhardt -: Wockhardt is a company that makes medicines and is based in Mumbai, India.
Congress party -: The Congress party is one of the major political parties in India.
SEBI -: SEBI stands for the Securities and Exchange Board of India, which is a government organization that regulates the stock market and protects investors.
Carol Info Services Limited -: Carol Info Services Limited is a company that was mentioned in the allegations but is not explained in detail in the summary.
Pawan Khera -: Pawan Khera is a leader from the Congress party who made the allegations against Wockhardt and SEBI.
Madhabi Puri Buch -: Madhabi Puri Buch is the Chairperson of SEBI, the organization that oversees the stock market in India.
Conflict of interest -: A conflict of interest happens when someone might benefit personally from their official decisions or actions, which can be unfair or unethical.
